EyePoint Pharmaceuticals (EYPT) 5 May 212021 Q1 Earnings call transcript

Company Profile

Participants

George Elston	CFO & Head, Corporate Development
Nancy Lurker	President, CEO & Director
Jay Duker	Chief Strategic Scientific Officer
Scott Jones	Chief Commercial Officer
Georgi Yordanov	Cowen and Company
Jennifer Kim	Cantor Fitzgerald & Co.
Devin Geiman	Guggenheim Securities
Yi Chen	H.C. Wainwright & Co.
Andrew D'Silva	B. Riley Securities
I-Eh Jen	Laidlaw & Company

Call transcript

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Operator

Welcome to the EyePoint First Quarter 2021 Financial Results Conference Call. [Operator Instructions]. I would now like to hand the conference over to your speaker today, George Elston, Chief Financial Officer. Please go ahead.

George Elston

Thank you, and thank you all for joining us on today's conference call to discuss EyePoint Pharmaceuticals' First Quarter 2021 financial results and recent corporate developments. Nancy and is Dr. Executive today me Lurker, Chief President Officer, With Duker, and Officer Strategic Jones, Jay Scientific Officer. Scott Chief Chief Commercial begin of review with updates, will recent Dr. Nancy, corporate a discuss performance. Scott then Duker EYP-XXXX, developments our business on and will commercial will pipeline comment for with the first close and financial quarter up call on open then will the commentary for will XXXX results, I we your questions. commercial issued a financial well as our press results, detailing we and release morning, developments. this Earlier operational as Relations' Investor on can be found website copy the A the www.eyepointpharma.com. the corporate of release in tab

we our various regulatory Reform and file Litigation timelines, purposes under from our those results today on filed matters other that our SEC forward-looking including and success statements on the only. section of Factors differ may various statements Before begin of prospects. Risk candidates, SEC, plans remind provisions product those recent formal potential and future discussed These may you XXXX. Securities the remarks annual factors, of which statements result constitute indicated Form most Act and and about report comments, the products filings include represent that important for the materially Any with in of a in I'll as as these harbor make Private in with forward-looking projections make the safe future. today Actual of is we the statements our on and views and the XX-K, our financial we will our by the forward-looking developments expectations, clinical

to in Officer change. now representing on disclaim Executive these our of some I'll if President update EyePoint to date statements over these specifically at as Pharmaceuticals. subsequent the and call should to do to Chief may obligation rely Lurker, of today. views turn Therefore, not Nancy any forward-looking as you so, we future, views even point While we our any the statements elect forward-looking

Nancy Lurker

everyone and joining us. morning, Good George. thank for you, Thank you

We commercial pleased with progress this with to our and both our that quarter, products delivering diseases. patients are innovation with pipeline ophthalmic -- incredibly are serious our paradigm-changing parent

my our Before briefly commercial make on and recent colleagues, plans. I turning to achievements over terrific call we as our clinical progress continue the review to will

front, On degeneration our our and a lead trial clinical AMD, in age-related on January, the X or Wet potential DAVIO Wet macular initiated track asset Phase treatment we pipeline for we for this twice-yearly trial. with remain EYP-XXXX,

release EYP-XXXX our with reminder, As leverages Durasert sustained kinase vorolanib, inhibitor. of proprietary a formulation a technology anti-VEGF tyrosine bioerodible an

study in very late from our continue well now, updates looking with including with segment indications organization diabetic expand continued studies us providing are our February, fourth studies purposefully, to in XXXX we strengthen an as In million initiating data provides forward advancing further posterior to offering. $XXX.X the efficiently occlusion, oversubscribed much begin and This the of retinopathy we and We sometime additional uveitis. quarter early these plans financing preliminary follow-on for to the retinal vein grow to after and for hope by capital Right our this successful YUTIQXX to XXXX. as completion sheet to DAVIO or pipeline expected significant of balance in year. EYP-XXXX

were to improved XXXX in happy I'm work on debt reduction say a the covenant. to balance provided with the to covenant $XX to at CRG no us sheet opportunity able cost. improving CRG revenue revenue Our we our with partner obtain million our that

XXXX. million, we the over of net business. of COVID-XX to a revenues Turning a product first to challenges Despite increase our QX pandemic, the strong report with pleased $X.X quarter of are commercial XXXX, XX% of

return products, we of detail the customer YUTIQ Scott across YUTIQ, the patients. As for continued first calendar quarter demand needle we introduced siliconized this enhanced all pleased to discuss more provide for believe on, slowest will is Also in which a later an demand. experience will quarter, commercial we administering in with in patients historically, physicians new although were and

Ocumension of we treatment ended a and partner in for National the the received effective quarter a for recently EyePoint safe, quarter China second Asia position a on represents in our application named EyePoint. our or into YUTIQ from strong the which very in carrying the of royalty and positive for for beyond. drug review option approval and stream as milestone patients YUTIQ, are future focused new Administration NMPA an is OT-XXX, is Therapeutics, a Medical momentum for Lastly, This U.S. China in Products it exciting XXXX

look I'll we YUTIQ the one, year, preliminary on: our we profitability as turn Duker for this Jay are Dr. EYP-XXXX, fourth to quarter an Strategic X now to our as by pipeline expanding initiatives. EYP-XXXX Officer, over two, program growth call and in a a other year-end, focused and three, achieving of product strong data our Phase pipeline, commercial on driving through DEXYCU Scientific provide to maintain now with Additionally, provide goal for the well spending. of products trial as sheet update balance Jay? disciplined lead to Chief our continue franchise

Jay Duker

Nancy, you, good and morning. Thank

remains the Phase program Wet pleased quarter the XXXX. clinical far As progress fourth very to challenges we our is AMD. COVID-XX data you of read with are Despite study initial treatment patients pandemic, know, of the the the potential report study on EYP-XXXX are enrollment on our out to for the DAVIO for so with pleased trial, of in target on we that track X and our

three team the extraordinary forward. The for the progress an trial our as of their we with partners doses was Phase of patients. grateful X open-label dose-escalation ascending trial study total external by are work We and for a effort our XX

center and can is spot of Wet the with presents is that United permanent in The the It devastating As in both developed retina. chronic, leak macula, of vision, abnormal of eye. other leading a into that hallmark of AMD vision Wet the age, refresher, blood is and in cause years XX a over in disorder. vessels potentially central countries. development eye AMD States people fluid progressive and the blurred loss a in the blood of result the It blind the

safe approved therapies action is longer effective medications the could significant the current pro are -- on of that of market. there opportunity FDA there for the Although duration and a on the lasting market, replace medications shorter

small technology with kinase Our our lead anti-VEGF pipeline tyrosine drug, combined inhibitor. bioerodible molecule of asset EYP-XXXX the formulation is a vorolanib a active Durasert

intravitreal in with found in positive long-term reliable, Durasert vorolanib system trials reminder, a showed three significant approved single implant can from is four be medications ocular With injection, stable release a delivery eye months strong a to currently adverse of a human continuous the Durasert As events. to designed two six efficacy no years. signals anywhere and products. to from clinical provide FDA clinical sustained release

and of deliver of the in potential indications. In insert. This vorolanib is Durasert relatively be the and potential Wet the EYP-XXXX aspect crucial doses, lifetime and AMD, Preclinical that of medication micro efficacy dose it addition planned feature constant, to the can show that success a vorolanib believe studies we lower zero-order position sustained to for AMD means kinetics, success other combination Durasert the zero-order a excellent of features established and blockbuster in drug Wet a efficacy with clinical of kinetics release. a throughout prior clinical EYP-XXXX's kinetic zero-order

of by other remain a in eye vein actively application and Wet we excited EYP-XXX For retinopathy including in and the disorders to trial severe we exploring with potential occlusion, these Phase clinical diabetic X these of potential are trials paths to EYP-XXXX's retinal AMD. reasons, initiate tandem

Turning to pipeline our initiatives.

product potential We along are technology new licensing. applications actively for exploring with Durasert and our in technology

plan XX's formulation shorter affecting of YUTIQXX, XX% to with year, eye. the potential in in the three-year with corticosteroid provides. YUTIQXX we duration posterior will that chronic segment same the compared to initiate the that dose use Additionally, Later of Durasert intervals, to YUTIQ non-erodible offers trial over intravitreal twice-yearly interval design YUTIQ clinical this as shorter insert physicians the uveitis a a in currently a treatment provides results an six-month sustained-delivery action flexibility Phase YUTIQ. non-infectious for to with X, expected XX% XXXX, for

EYP-XXXX We have an We look the providing currently for an trial requirements pathway identified are for investment a evaluating the in potential with forward commercial update. to the initiatives turn upcoming over the over I and completion. call will we clinical as SNDA Officer quarters. filing, Commercial well as FDA timeline the now pipeline for on Chief Scott? our other to update Scott Jones,

Scott Jones

Thank you, Jay.

know, I EyePoint's in you was Before COVID-XX as begin, XXXX. the by impacted pandemic revenue negatively

first is revenues, the DEXYCU revenue strategy also feel and our to see units for our customer first However, is contracts. to net several permanent coming product expand quarter being result million $X.X calendars increased extend country. Demand X,XXX first the new moving where growing of of Customer for quarter, in of and approximately signed increase demand recently from customer XXX year, continues demand product slightly the product demand. vaccine continued end quarter set compared we for transition of respectively weaker field customer softer impact commercial is ImprimisRx's throughout $X.X product continuing We're see surgery expected, well. on strategies the and XXXX. doctor's currently first We're totaled from to going cataract which for more ImprimisRx currently represents our XX% and million. to in the Net pass-through $X.X We're XXX YUTIQ was XXXX working that roll X payment pleased XXXX, to comfortable quarter to office a across the quarter DEXYCU March a as momentum and create also as revenues growing the lower the We're million needle QX the commercial experienced revenue patients DEXYCU, quarter demand bringing historically or category. in alliance as on for significant regulatory was this YUTIQ well to as for legislative XXX DEXYCU, and are growth a YUTIQ partner and impact at for for approximately strong respectively. Despite demand. forward. positive out of QX net first YUTIQ, historically the both for units the to DEXYCU of expire first DEXYCU X, was to execute the to this the our of beginning to quarter force

of in result marketing remained and to the a large in as well as expansion YUTIQ, patient access, strong levels hospital sales market, the increased efforts demand our the as of retinal environments. Turning particularly

the posterior YUTIQ ophthalmologists we uveitis. the for months, a out and patients for over to needle we're quarter, new about excited rolled provide experience a extremely options as coming improve treating This to siliconized patient better and continue we opportunity

and our year. trajectory pandemic, throughout looking the forward of rest current Given to the we're we pleased grow commercial are with the

to value each project to and every increased reach difficult doctors look end demand, delivery attractive Based current provide optimistic unique sales and physicians financials. and beyond. many visits, remains to pandemic, the patients we call is continue like YUTIQ and DEXYCU during for breakeven review and customer which team turn during for proposition goal As by the the first a and while commercial and numbers, member quarters to year year. doctor continue of ahead, over thank quarter this is DEXYCU I'd will of fewer support Both also our increases. to George? growth products both to profitability sustained to would see commercial to and George now we their I we like come. at and as on will the to the YUTIQ continued the for are to it that marketing or the our

George Elston

Thank you, Scott.

the review focused issued in release be press on morning, XXXX three included my this will the high-level months for March were XX, financial for the results quarter. the As a ended, comments

continued with the investment services with at covenant improved CRG no our by return a by As has CRG reduce we've obligation the XXXX XXXX offering, This driven million cost. million $XX and allowed our combined our transactions to equity $XX additional strong to partner begun $XXX.X of fourth Nancy quarter follows we business, position, Asia that Ocumension. where revenue closed us million important the sheet, by $XX.X mentioned, million reduced with follow-on balance to commercial

three ended one-time quarter and R&D net $X to in XXXX. marketing a of XXXX. quarter ILUVIEN compared of expense of million first compared sales. ended and prior Cash XXXX, Royalty equivalents share of $XX.X cost at revenue compared XX, $X.X $XX.X a from or to totaled $X.X prior $X.X XXXX million $XX.X XXXX the total This period. and of royalties was revenues quarter million. million share million expense Net first per the ended, million XX, to and in million at $XX.X to the compared XX, primarily the a for totaled XX, XXXX year net $X.X For collaborations for totaled Non-operating $X.XX product million in March XXXX. includes XX, in Operating received in cash March XXXX, $X.X $X.X December first months December totaled $X.X million $XX..X the XX, decrease ended This was March corresponding the $X.XX March net net our a of revenue was period. revenue $X.X million QX for net first driven to for XX, net, period March in $X.X expenses sales per loss license million loss decrease for million March to the and million by year was or million three product compared the for the $XXX.X XXXX. This million million by monetization due ended XXXX in payment quarter increase expense, in million increase the G&A, versus $X.X million increase offset by a decrease $X.X in and months

and planned March sales, with conclusion, will hand and the for we our In inflows the and all XX, progress our enable us to now to XXXX, this of expected first value you over operations very end product XXXX. questions. quarter on cash expect our net Thank at and capitalized cash the to We of EyePoint's much turn points. to fund inflection the thrilled for are call product advance listening through in operator key XXXX morning, very from pipeline are well current I

Operator

[Operator Instructions].

Our from first from the Yordanov question Georgi line comes of Cowen.

Georgi Yordanov

time centers you for Wet Dr. Maybe X question AMD to that be launch how exceed Duker, to we'll that start and do in generic given with broader evolve years, seeing the a XX space next seen over the the gene EYP-XXXX. other the will market? from consider with recently a product be of to do there AEs, programs like have given some a of issues the less the And companies you on serious those that we therapy of threat

Nancy Lurker

Hi, Georgi, unfortunately Q&A I'll take is Dr. make question. Nancy. couldn't the today. that Duker this

me is just next going the space grow, over years let continue Wet AMD the boomers across the of five to aging answer that's because in the and So, baby to world.

place of that be for impact large increase. if quite that different So a the continuing add to We lots And treatment in some when options. believe therapy what's these me gene it's the you value a an of the in of -- sad for there's patients this that, also to improving products some see going case diseases we see reads has and on your a and out, medications. on because difficult is that there's need and drugs. don't just always alternative what that's big look me demand for to such clearly need these outcomes companies with But let products. of demand And these going due unfortunately prevalent first to always When let at new state EYP-XXXX, always new impact state treatment the new significant data generics, is is you certainly. continue innovative options, market are been going

of space, further back particularly not been to ocular deliver to the making, that However, is in It's segment easy do. it drugs we've the into emphasizes posterior is, of just the not the easy point this the eye.

the So very technology with as proven. because well said odds is we many our like we've EYP-XXXX, times Durasert

the line, drifts injected the it FDA safety vitreous. on once it a apart, by implant We've As bottom the we've approved had got you remarkable record. the four overall we've to and sustained usually And of FDA, excuse had The break market. it the approvals track does know very where -- good -- me, on shows stays it zero-order it's they're not kinetics.

large be when your and market we a a could successful technology. So we answer Does to stand substantial of it that because that all our think very there's drugs Durasert We are development, you patients. believe we going together, that think of chance these question? being in that put for good to offer improvement

Georgi Yordanov

the this your very -- have maybe retinal helpful. indications. Yeah, go indicated follow-up, to as a plan plans other is And into you

those the could provide the patient having that patients think a TKI population benefit, represent broader as that you retinal compared to us MRA a there? So these remind refractory in maybe you of refractory added percentage such as do have indications? do opportunities And standards might current for of might especially the guidance to patients? other And care, any of you

Nancy Lurker

Okay.

there. you see, three let's So questions asked

retinopathy and some other studies early start our currently diabetic can and next yes, that those to As small we we occlusion, are retinal potentially doing evaluating, hopeful in vein studies we're indications, year.

planning all area in for -- is as the be areas. look a those from if large remain Those number are that, suffer a again large me, large we So at two of retinopathy that studies. precursor AMD, to DME. you areas, of those -- know those who mode patients very very, Wet tends a additional to Diabetic you excuse

early is a at we data Hard the that to these come the also ligand. tyrosine they but you most they the using, so as what point, potentially at or potential patients, I a as level we're vorolanib, what as it for receptor in to could result as inhibitor so these believe be result, and development, potential other believe -- might array through to -- of question. say this But earlier receptors, inhibitors, believe there drugs. diabetic the more effective are was a is a not it's And which inhibitors to antibodies that we your but kinase potentially hit have have large a is had operate show data. mentioned, we be, catch see -- your way kinase I think question effective broader data tends going if because kinase do, the and that we you And though. that DME how just And the obviously, was tyrosine see with the at And tyrosine at data the do have have look to exists to treat effective, refractory them. patients retinopathy. and the not a more suggests those which We're

Georgi Yordanov

just then This a is housekeeping question. and great,

the terms any -- you Just thinking that of up spending need the good -- QX year? spending, to remainder the in the you this in do year? is it's for terms as a not just And about the guidance rest provide for year, willing spending will for be run pick in we of or to expect should rate of of

Nancy Lurker

that will George question. take Yes,

George Elston

Yes, I perspective, probably think from a start. QX good is run place to a rate

as X indicating we guidance the on in end in get we as next know, think of the the with the year, update Phase middle XXXX, study this cash of call that year. through I cash our have later -- we we're the we're you and did morning,

Operator

line Our next Fitzgerald. Kim from Cantor Jennifer question comes of from

Jennifer Kim

I questions. productive a Congrats quarter. the have on few

the just And track is next CRG. that months in Have fourth last -- the update with six saw is this the I covenants? then update on or month and spending of the -- -- this margins, was gross should to we for already gross one data and the for for -- it impact any sometime regarding we And that my forward? since keep quarter? enrollment first you year. should you you the them financial with been what year talked the you wondering, around going about about I then extent and in guidance the XXXX The talked of was question and also margins six or expect month how the prelim fair XXXX discussions And is, for for the just anything update just an year? update about to think did say we month thinking

Nancy Lurker

month and that take expect certainly you then take can a by will month. or George next the would I'll enrollment enrollment update update on questions. this give financial the Jennifer, related we the Okay. Yes,

do. is George? that something expect So we to fully

George Elston

Jennifer. thanks, Yes,

improved just On change -- partners strong, range, know. CRG, we've background for XXXX, we really, through put been because the because went a QX a so to had covenant our difficult debt with the year. certainly we this as have we great perspective, relationship all incredibly versus strong they've -- last covenant was sheet is it us balance a as reachable revenue the it of in I a into year think, we've And

that good And so, out so wanted put as be range continue and attainable partner. it a they to to climb of we we a COVID, in was

at the when If the piece tended through I either at and we've history CRG pay we being is that the through year. the of where look our -- obligation comfortable to today. itself them sit think look anticipate time, comes that you down very to address at -- not you that we a we of with out as other year or covenants, We're an debt million on Obviously, to covenant. them we as what time $XX a the able issue were XXXX, last and

covenant So a of I easily overhang reachable is something them, to became and we year. the really revenue of sure it driven wanted lot an margin, this On -- it think make gross and to was a DEXYCU a driver was YUTIQ. And QX, that revenues get carry piece big well. does of which in that of as questions. than mix. your by lower for all product Did I bigger margin was a less

Jennifer Kim

of of Yeah, that, I think got you thanks. all

Operator

the Guggenheim Flanders from Dana of line Our comes next question Partners. from

Devin Geiman

today Hi, against a company. and this XX-Q on update the clinical questions. couple the accounting investigation, no enforcement progress. for SEC Dana. have of saw Devin regarding We on is Congrats the commercial with I the

maybe any clarify or this the action conclude the from SEC, you does and further investigation? elaborate specific Just whether the could you on findings expect

Nancy Lurker

George?

George Elston

and to been the this the have and is, up to cooperative XXXX, and to point version with actually review, and very received recommend their investigation in The the were enforcement goes time, an that do get in concluded yesterday. had we for we of them action. intend they've this -- we our -- Essentially taken QX we SEC and XX-Q compliant Yes, pleased have are thanks fully which disclosed -- -- intent that an they from it to very that we SEC not no it's stated cooperative question. memo back short the they with Yes. subpoena,

you disclosures, think we've accounting, our in now at were maintain anything us. don't look is expect behind I we and always that that if confident this our and glad resolved We we're additional.

was We letter it So that in our updated nice get this to Q yesterday. a morning.

Devin Geiman

And then levels on the generally color commercial you seeing side depressed of flow? of a things, could U.S.? you're persisting bit ASCs? in in patient geographic Are terms little seeing with you specialists what the uneven normal and back maybe retinal more trends Are give still they recoveries on to

Nancy Lurker

Yes, I'll Scott answer question. that ahead, Go have Scott.

Scott Jones

question. for morning thanks Good and Sure. the

getting good the general, seeing country But than especially terms market, would in ASC say XXX%. is in less cataracts, areas most are There to back space. to they we're still of be cataract where a for return In normal. seem of the the I

do flow. teaching the center I bit side, private pleased to I physicians, of We more flow. physicians to YUTIQ back be where academic especially things ability see pace starting more to in of we in than most to practice. private practice in center, some the retinal a places much restrictions normal the that there patient schedule -- to On our normal think the are is available the much environment part. think some unevenness there's are see patient But a little Certainly, a less access seem still in the environment on of return still still -- for to general

Devin Geiman

And into or Phase even data, depending EYP-XXXX X you previously, the then my on could developmental know one, potentially Phase you progress pivotal a mentioned I last X just on side. trial. a the

So is data that or there trial regulatory versus dependent straight selection dose any factors needed clear to the to clear response are move the like dose strength into a a Phase on of X? delineating this a or is

Nancy Lurker

be not It strength you going to data. to the are correct. of we're detail going but on level that get the this, dependent on is Yes, of into

which we drug clearly first foremost and So, sure to we make safe, expect. the that want do is

for efficacy is all a that that's But obviously starts it data we'll that as -- to carries to move -- outcomes. So be come say, risk And we're then of going planning higher all Suffice to a trial. normal trial. showing we to into important. into than Obviously assess moving good as Xb the pivotal in.

Operator

Yi comes next line H.C. of the Our from Wainwright. Chen question from

Yi Chen

the YUTIQ in first First in January? impact it COVID-XX which subject a peaked question the quarter, is, sales pandemic of of to was severe the

Nancy Lurker

have Yi, YUTIQ. And issue as We uveitis a they community-based there's I'll see take definitely offices. in that university that the of offices patients YUTIQ slowly disproportionate compared off didn't community-based question. treat see we DEXYCU, much with but did drop other with is, up And a opened as number more to Yes. than offices.

see in Scott your mentioned, the up utilization slowdown, but large are two had on is them up typically like and One is, universities than start specialty the traditional to a YUTIQ. factors slower more. first as the Now you always in But we pharmaceutical open that we're opening community-based quarter. certainly, offices. But are starting then to open part our which more thing drugs especially going to starting back we second of them see products, normal again, been

Yi Chen

Got it.

For YUTIQ drug? when approve has in indicated an China -- potentially possibly so Ocumension could NPA that the

Nancy Lurker

as also a comment behalf already did have file But in probably it record good under for question. They were on that to they've understanding, NDA. result me to they that and the progress And able they first as very -- right It they're of Ocumension. filed be this, time. a we're Yes, new where some be to my the know, you data, file wouldn't quite system plus able and under drug our to they impressed with real-world can use made.

sometime see specifics. that's up we'll through them approval comment year, an hopefully but coming to on So this to potentially

Yi Chen

potential and Ocumension? can the us royalties remind from receive milestones you Can EyePoint

Nancy Lurker

you want do on to George, that? Yes. comment

George Elston

Sure.

the So, reminder, a expansion as a mile they payment -- last we Yi, that, YUTIQ prepaid Ocumension, actually payments. milestone as -- for our for with but remaining received a year also part we mile Asia of into Southeast the

a And high disclosed what in forward range. stream, single we specifically, with which is we haven't the them but low it's double-digit have so, royalty

Operator

next from Our question comes Andrew line D'Silva the B. of Riley from Securities.

Andrew D'Silva

I have couple quick ones. of bookkeeping a start, to Just

As sure loan YUTIQ, was that. was distributor to patterns? where it ordering the relates the your And forgiven just fairly I user wasn't end aligned were we demand on PPP then, yet? with

Nancy Lurker

George question. take that will

George Elston

Sure.

I the Andy, are think demand -- there's -- past, in about the talked and certainly always different. we've So a disconnect revenues what

difference but little still Not distributor the it is getting distributors, side. starting we really our but really it YUTIQ is we it's some for a also bit in lot as think real fairly of recognize want revenue. where and guide because disconnect on to and And it's that by there's I it's there a a quarter, which bit of they're track help. those the to we well had closer, demand needle. exchanges stocking closer, on -- don't consequence affected still specifics, but of -- a doesn't a the reconciliation In

the PPP comfortable still that. forgiveness the we are necessary all application, we've have for the as in are documentation. very submitted to in Q act application, we on On waiting but front, disclosed forgiveness our our our We've -- provided we SBA

that that $X our was to but expect for I we think as to additional forgiveness work and we're continue the on making subject it know by you waiting through, loan. complete to above review million just loan do SBA, threshold, process itself

Andrew D'Silva

Okay.

at -- to I looking be were believe earnings year potentially I update extended it an as of you of you of mentioned recall Was the useful. for DEXYCU, lieu any extension? or on calls bill. other Act to that spending was you then for or bills it looking looking originally there signed was inclusion which color were to in path Omnibus And would another through an in expected to XXXX, be was one there. Just part recently an be Appropriations Just pass-through last relates Consolidated

Nancy Lurker

this. Yes, with I'll want comment anything actually and Scott ask to and I I'll involved answer he have further, that, pretty to been because actually add if you then

support avenues additional spending really legislative and were that we are they But So, we Omnibus yes, this. Congress of put we to tell can the in I some on the we'd legislation obviously that we you but the have continue bill, members part continue by unfortunately Omnibus pursuing, front that for didn't in any have bill. drug-related hoping be

new on but the also lot of thing are we extended to into a they've regulatory because -- on optimistic public second should, get health at drugs couple due we and already devices are is, severely these utilization makes to -- go And depressed to across sense, we you tied a few level, been the back not other what the and already pursuing bundled in used certainly somewhat The has of detail you at because CMS COVID. pass-through of the front. obviously, utilization, price when these terms is a years, calculate all had CMS that the that medical over We're to the categories. this, take surgical emergency, extension it going of a the last look suite drugs in a the this minimum, that

fair a be I what for dynamic. hard consider to to very would it's them given bundled that price So do,

say, do expect, public health time emergency, the CMS do still I you extension ongoing. we're least will tied to to by want that? Scott, length an of should still pass-through lifted, of way the anything add the which at we provide So or has it's on been to hopeful not that

Scott Jones

on that, tolling especially pass-through period PHE options the as with to you multiple policy not we think as not covered both that -- paying package it's just and type strategy for that pass-through slightly, I one tactics were but I say when dealing well it products. was for that Nancy, employed it's continue products, looking the was at for I for said. going the and add, long-term strategy. extending to extension, our It's shutdown well think

do strategies to have regulatory we're again, legislative those and we that today. currently that we're we and see confident implementing, in both employing we'll the months relative feel coming weeks or So that strategies something

Andrew D'Silva

I with Could going think perhaps OMIDRIA, just but CMS legislative don't staff? an was it for down refresh its Was congressional extension? you Okay. Omnibus they... how the got or I sure when it through remember that my regulatory support memory versus

Nancy Lurker

first through was a put but time They it. a got was it spending piece period regulation tied Andy, Omnibus an that to had Yes, of into both. extension again bill, that an

to associated opioid opioid a fact to were CMS use the done in particularly obviously, study crisis a reimbursement continues pandemic say that due actually then reduction get they has then I reimbursement them that they that the lost and with when permanent showing the OMIDRIA. give would expired, so to And as they've And unfortunately able just small now accelerated.

has and And when aware that. hard do with you're alternatives to to impetus being they're drug cataract been are that to bundled an and that's CMS at opioid in so there is made overall of large a bundle, patients, ensure available

say certainly, certainly are So is and -- path I've that at well. we that as here looking before and that this I'll said

Andrew D'Silva

half been reduce dexamethasone So for to anything generally ophthalmic but the only has there any need there out painkillers has that... like conditions that is shown opioids, data or the for just not -- dexamethasone

Nancy Lurker

is Yes, a Well, dexamethasone just is DEXYCU. not injectable. Dexamethasone generic

se. leave but my comment dexamethasone So Nobody of We'll are Technology want we dexamethasone at it on goal. delivery. said, no. number Verisome knowledge, in on done a shots because DEXYCU that are further, to -- I to per looking Scott any we is with just our don't has a study -- that as extended at

Andrew D'Silva

benefits relative Okay. adherence that we relates there at -- for on expecting That's from I sustained on DAVIO's able that curious biologics, anti-VEGFs that any anecdotal as to should of not release with compliance. trial, MAbs standpoint? an which should And about are thinking months anti-VEGF Eylea, have I lasts approved been you relative at it that. EYP-XXXX very any have studies then you actually to there's the any improved out to help Lucentis, outside already mimic the Beovu. efficacy and any realize least better Are or least market, patient anecdotal or interesting, there, six thoughts your or just limited to did just efficacy efficacy. small I'm Or been or molecule show head-to-head in be

Nancy Lurker

current that, is again all, eyes the efficacy market, might months, come of -- so other injected on the patients just about in molecules the the extended but question current rest month, enough. again, me and can't say that month moment. of every potentially delivery and the therapies, efficacy -- I just to an of add. or Yes, equal But put case I'll in with first Beovu, their to to I simply for large That's are stress showing but burden a lives. incredible every have -- three every let offices, this their answer and get the And your These just patients on I a and in huge win.

you're third real as their see you have this there's that get again going shown you to Because in to much, you and every a are that so the overall databases, have course, should with from much. patients So number wants lives? U.S., rest get of injection skip eyes don't if to meaning data, the in And -- likely month vision just it's don't timetable. that from then the out And back. have up they month for to difficult come They you that than So patient's hard, frequently, get a and real-world their it's and the frankly with comply. in by shown is doesn't deteriorate. claims as or development Europe your why as every not problem, more these reason I'll in data, positive, even doses correlation that a that's see because end better therapies, can well come don't -- to time happens both other injected month studies, but is, or they time drugs is deteriorate is preponderance theoretically, you over sights injected, should. further Actually their as take comparison, rate continue just what your at of outcomes, the large, shows that these large over the but not same the of every get who of as published current efficacy, And eye and with

I Now drugs be clear take -- to the large again, at that prove deteriorate. can infer these term their here, infer to going that's it but the real-world and shows from that, databases you and looking continues to it that long you to eyesight current can studies want data,

to you have absolutely we injected believe get stress just again, six to potentially changer. me that able extend eye being game let nine out months is a your So, before again, to

Operator

and Our comes line next of from question from Jen Company. Yale the Laidlaw

I-Eh Jen

first My is DEXYCU. about question

there last For understanding, not be to versus much But but year, the difference, may quarter jumped then has my of mean the revenues. this fourth level the revenue unit the I is to quarter of significantly. that not quite the different.

price differences a should increase there DEXYCU or is we reconcile here? So for how the

Nancy Lurker

Scott Should don't you be and as versus why then Yes, well. revenue George, the that comment actually, on take can demand.

George Elston

is continue out buying disconnect purchases Sure. from demand, Yes, to between underlying remember, pointed which there our from will a earlier, us sales, distributors. distributors as I customer and is customers be our by which the

always is there so disconnect some there. to And going be

that's a and least the in from reported increase so, which not sales price now disconnect always the to -- the track not that? tried And a revenue to And is, we we disclosed and it. I distributors. to have what we've we're, And position not just distributors. do buying and in it under unfortunately, anything provide And are a questions. GAAP disclosures demand, on a that's think gives Scott, at that be underlying separately, there's the then for to to want our what's customer in we customers recognize going to other going your complicates on put there to because DEXYCU, reconciliation add what

Scott Jones

we're George covered the in alliance mentioned the from then we QX increase, that as I QX to from out going has customer No, strength that demand recently continue to was it. a pickup add signed. also seen that just seeing think of price corporate not we've but and of to I And we've pandemic. again, there from been some our with contracts pull nice ImprimisRx, I earlier

rebound of seeing we're nice So the from including the in COVID, demand up. layer -- adding a pick

I-Eh Jen

sales or of terms bit To of extrapolate for the revenue, purchase not little more prepare in the for optimistic the case? necessarily that's in a that the has terms the be probably may implies ImprimisRx -- prepare of more inventory, products, the increase future

Nancy Lurker

that, saying an Are due should -- you following not in question. quite co-promotion just you could continue to the we Imprimis? demand to uptick I'm the go with see So

I-Eh Jen

the that's that make demand, by In they the a are that future that why quite optimistic the they or purchase suggest a that terms of of have distributors, versus and increase before? would more on purchase large bigger growth

Nancy Lurker

this me Yes, it way. so let answer

-- to that not it's patients guidance. we've made don't open as to to though, large continuing now. a worse, surgery more momentum as new ambulatory I end over are future. getting we've but great this are predict assuming with and to more continue a -- progress technology, enormous DEXYCU. It's takes said, pandemic not right know, give this, they from happen which the time to caveats see will leaning though of we seen forward the That you is in see it's and to up, we one to want at continued continue get always The expect state the is pandemic's Scott It in hard very get XXX% product. are DEXYCU, however, the transition to show which to come DEXYCU. as the delivered offices going around and yet. I over, As we And we put what's comfortable with growth injection. surgery drops centers and going, to always the physicians using doesn't

gear. In into kick ImprimisRx is addition, to as Scott said, really starting

Typically, in We six see we're from rep the field. a fully with signed agreement we're seeing nice in team, ImprimisRx. exactly for starting get some And what out we're time. very takes always our now it on August, to and it. very productive momentum that's appreciate to months Now, average and their

going just agreement is terrific. co-promotion with Our them

I-Eh Jen

Just two ones. quick

in your potentially The what as ideal for mentioned just one curious, that licensing you think I in would product consider first products. pursuit? that additional a that you I'm remarks, prepared is in

Nancy Lurker

of part is development Business question. good Georgia's area. Yes,

So, question? George, don't why that take you

George Elston

Sure.

you think the on I now execution. other focused -- of were we financing on know this yes, and we've as So side really

I'm that can the have now very look forward. okay, -- strategically got an have of program. AM next clinic programs We application are eye. Nancy -- our what at, Wet to since the financing that into that of where couple diseases particular in fact proud we since moving sorry additional and started in February, for are And the in a we of Durasert And the indications really in XXXX highlighted

molecules we we're additional to we a -- we real because tuned, think real would make strategic real need not as it's can Durasert, simple into with approach, we other and the where that. look where perhaps that in we're of and that of for areas as come stay and think like update in And hopefully as molecules we key the and deliberate, development. very have move to advantage year now. deliver we've of have identify difference we'll but would And of a got say existing a year a going later seen, to on as with this competitive eye. middle this areas a Durasert. process early focus with We on that we'll number We're the And so, in back think update I I here being we've item later of

I-Eh Jen

but situations, do kind is one deliver delivered three you And almost very the is years, last of which XXXX, maybe can the you that, drugs here I is every a guess twice forward-looking technology, will be have which that, this for years.

others compared Wet -- consideration AMD So going that, dosing -- a for the for that there forward, in with infrequent question Difficulty] might XXXX? the even way further was you is there forward [Technical be in would -- drug a deliver or

George Elston

might to muted. Nancy, You want do that? take be you

Nancy Lurker

I on mute because noise they apologize, want I speaking. and are to others background was minimize

doubt to other of diabetic treatment like we diseases. ways because the indications, and to a are retinopathy, longer better treatment extend that for at severe mostly no suited -- probably they which less are yes, are duration So, other injection, looking there's which

Wet have we're in out that is they're consistently is market is right what they the option, certainly you options would a these other well successful disease, As months that for state unpredictable a spot they something Uveitis like the evaluate seen we're can examples. three go we're I want X years, know when evaluate do But and for diabetic approved, tell we'll if to Phase I like done treatment like developing sweet to don't not still because AMDs, Right flare. that market YUTIQXX. research data why now, over diseases spot. want you look we've consistently the to certainly it's that's into an we're something going say can treatment potentially we've road going of as years can sweet Wet we Doctors that. some now. and serious typically like that is macular uveitis, It nice to if diseases the six down edema AMD, and which

successful plans these right are we AMD, going evaluated have do duration certainly and things now Wet Phase dose study. be but -- the a that's X X all with be should to don't So Phase to we into for another going

I-Eh Jen

Again, congrats on the quarter.

Nancy Lurker

Thank you.

Operator

this showing to questions. no would over I'm turn further I like CEO Nancy time, At for back to call Lurker, the closing remarks.

Nancy Lurker

the you you We next questions. Thank you updating excited current our for forward very very Thank everyone Thank and your great you progress. quarter, to about time. for look much. also we're

Operator

participating. This for concludes call. conference today's Thanks

disconnect. now may You

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